Billionaire Income Tax Sign-On Letter to Congress

November 29, 2023

Dear Senator: 

The undersigned organizations urge you to support the Billionaires Income Tax proposed by Senate Finance Committee Chairman Ron Wyden. It is a popular, progressive and robust funding source for making vital public investments in working families and communities that will also end the scandal of billionaires paying little or no federal income tax. 

The ability of billionaires to dodge taxes under current rules is well documented. According to IRS data reported by ProPublica in 2021, Amazon founder Jeff Bezos paid zero federal income taxes in 2007 and 2011, Elon Musk paid zero in 2018, and Michael Bloomberg in “recent years” paid zero several times. When their $400 billion in wealth gains are included as income, the 25 billionaires in the ProPublica report paid a federal income-tax rate of just 3.4% between 2014 and 2018. That means billionaires can pay lower tax rates than middle-class workers like teachers, nurses, and firefighters. 

Billionaires can reduce and even eliminate their tax bills because most of their income comes not from a paycheck but from the growing value of their investments in stocks, businesses, real estate and other assets. They don’t owe tax on that increased wealth unless they sell the underlying assets. But they don’t need to sell to benefit: they can live luxuriously off money borrowed against their rising fortunes at ultra-low interest rates available only to them and go mostly or completely tax free. Musk’s April 2022 purchase of Twitter, for example, was financed in part by a $12.5 billion margin loan against his Tesla stock, allowing him to use those assets like cash, without actually cashing them in and paying taxes on the sale.

The Billionaires Income Tax (BIT) would end the shocking phenomenon of tax-free billionaires by taxing the annual growth in their wealth. Tax would be due annually on increases in value of easy-to-price assets like corporate stock. Tax on the growth in value of harder-to-price assets like real estate, private businesses and collectibles would only be due on sale, with an added interest charge assessed to compensate for the years of tax-free growth. 

The BIT would raise almost $560 billion over 10 years, exclusively from fewer than 1,000 of the nation’s richest households. That’s money that could be used for public investments in healthcare, childcare, education, clean energy, infrastructure, public safety, and more. More fairly taxing billionaires is very popular with average Americans, both as a general idea and specifically as envisaged by the BIT. Two-thirds of voters in a 2021 poll supported the Billionaires Income Tax, including half of Republicans. 

Because the Billionaires Income Tax would restore fairness to our tax system and raise needed revenue from those best able to pay, we urge your support. 



African American Health Alliance

Alliance for a Just Society 

Alliance for Retired Americans

American-Arab Anti-Discrimination Committee (ADC)

American Family Voices

American Federation of Government Employees

American Federation of State, County and Municipal Employees (AFSCME)

American Federation of Teachers

American Sustainable Business Council

Americans for Democratic Action (ADA)

Americans for Financial Reform

Americans for Tax Fairness

Asian Pacific American Labor Alliance, AFL-CIO

Bend the Arc

Blue Haven Initiative

Blue Future

Brave New Films

Campaign for America’s Future

Center for American Progress

Center for Common Ground

Center for Law and Social Policy (CLASP)

Center for LGBTQ Economic Advancement & Research (CLEAR)

Center for Popular Democracy

The Coalition of Labor Union Women

Coalition on Human Needs

Common Defense

Communications of Workers America (CWA)

Congregation of Our Lady of Charity of the Good Shepherd, U.S. Provinces


Economic Policy Institute

Economic Security Project Action

Family Values @ Work Action

First Focus on Children

For Our Future

Franciscan Action Network

Friends of the Earth U.S.

The Friends Committee on National Legislation

Groundwork Action

Health Care for America Now

Healthcare Voter

Hedge Clippers

Housing Works

ICNA Council for Social Justice


Insight Center for Community Economic Development

Institute for Policy Studies – Program on Inequality

Institute on Taxation and Economic Policy

International Association of Machinists and Aerospace Workers

International Brotherhood of Teamsters

International Federation of Professional and Technical Engineers (IFPTE)

The International Union, United Automobile, Aerospace, and Agricultural Implement Workers of America (UAW)


Jean-Michel Cousteau’s Ocean Futures Society

Jobs With Justice

Justice in Aging

Legal Aid at Work

Main Street Alliance

Missionary Oblates



National Advocacy Center of the Sisters of the Good Shepherd

National Association for Hispanic Elderly

National Association for the Advancement of Colored People (NAACP)

National Center for Lesbian Rights 

National Education Association

National Employment Law Project

National LGBTQ Task Force Action Fund

National Organization for Women

National Urban League

National Women’s Health Network

National Women’s Law Center

NETWORK Lobby for Catholic Social Justice

Omidyar Network

Our Revolution

Oxfam America

Patriotic Millionaires

People’s Action

Pride at Work

Progressive Change Campaign Committee

Progressive Democrats of America

Prosperity Now

Public Citizen

Responsible Wealth 


Service Employees International Union

Small Business Majority

Social Security Works

South Asian Network

Strong Economy for All

Take on Wall Street

Tax Justice Network US

Tax March


Union for Reform Judaism

Unite Here

The United Methodist Church – General Board of Church and Society 

United Church of Christ Justice and Local Church Ministries

United for a Fair Economy

United Steelworkers

Voices for Progress

Women’s March

Working Families Party